D. Patrick ("Pat") Healy Archives - Page 2 of 2 - PEACC - Property Escheatment And Compliance Consulting

13 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Finding Unclaimed Property, Uncategorized, Unclaimed Property Consulting Permalink

Delaware Unclaimed Property (VDA) Notices

Sticky Post By peaccadmin On January 13, 2025

What to know about the Delaware Unclaimed Property Notices being mailed
out – What to Expect.

The State of Delaware continues to mail out Unclaimed Property Notices, inviting Holders to participate in the State’s Voluntary Disclosure Agreement (“VDA”). The following is how to address it if received:
Please be aware there is a 90 day turn around for the response.
Holders/companies who do not respond within 90 days will be referred to the Delaware State Escheator’s office for an unclaimed property audit.

The State’s expectations are that these Notices not only cover the entity who receives it, but also all subsidiaries and parent company involved with the entities.

Any reviews that do take place as a result of these mailings will involve a 15 year lookback period.

Companies without good accurate, records for any year(s) in the 15 year lookback period can expect estimations to be used for the years good records are not available.

Organizations incorporated in Delaware, or any of their subsidiaries incorporated there, will be the main target of the VDA Notices. However, any entities with foreign activities may also be targets of these VDA
Notices..

PEACC’s best advice if you do receive one of these VDA Notices in the mail is to respond right away, providing accurate responses. For further insite on how to respond and what to expect, please contact one of our professionals at 410.303.5510 or email at info@peacc.com. We’re here to help!

09 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting Permalink

The ABC’s of Unclaimed Property

Sticky Post By peaccadmin On January 9, 2025

The ABC’s of Unclaimed Property

All States have intangible unclaimed property reporting laws along with DC, Guam, Puerto Rico and the Virgin Islands. Canada also has robust unclaimed property reporting requirements. But, in this case, we’re
talking only of the U S. reporting requirements and not Canada.

All States pursue unclaimed property as a source of State revenue and so the true Owner of this lost property only has one place to look to reclaim Ownership.

Each State has their own unique laws that dictates how the property is managed until reported. These laws are basically the same amongst the States. But some States have laws that only benefit them. However, the reporting requirements are basically the same in all the States, yet
slightly different.

The statutorily set dormancy period may be 1 through 5 years in most cases depending on the property type, with Traveler’s Checks having a 15 year holding/dormancy period.

The main purpose of these State laws are to protect the property until the rightful Owner can be found. Until the Owner can be found, the States may use this property for “public good” such as road maintenance, library construction/remodeling, school funding, etc.

Property that remains unclaimed by the rightful Owner must be turned over to the appropriate State after it reaches its dormancy period. But the rightful Owner may always lay claim to it. That State may be the
State where the Owner last resided or the Holder/company/entities State of Incorporation depending on whether the Owner’s last known address is unknown, or if the property is foreign.

As you can see, these laws and requirements can get complicated and confusing. For help with your unclaimed property reporting or any questions, please reach out to a professional at PEACC by calling
410.303.5510 or email us at info@peacc.com We’re here to help!

09 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Unclaimed Property (UP) In-house Program

Sticky Post By peaccadmin On January 9, 2025

Is Your Unclaimed Property In-house Program Good & Compliant?
What makes a good Unclaimed Property Program successful and good?

Is your program one of them?
It is if it:
– Reduces any UP exposure to the various States;
– It is compliant with all of the State reporting laws, regulations and
requirements;
– Allows you to keep relationships with all account Owners over the
years;
– It reunites lost/unclaimed funds with its true & rightful Owner(s);
– It reduces the risks related to non-compliance, including:
• Possible fines & interest penalties
• UP audits and reviews;
– All employees understand UP & know where to turn with questions.

12 Nov 2024

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Finding Unclaimed Property, Unclaimed Property Compliance, Unclaimed Property Laws Permalink

WHAT IS UNCLAIMED PROPERTY?

Sticky Post By peaccadmin On November 12, 2024

With all state jurisdictions having unclaimed property reporting laws & requirements and them being aggressively enforced through fines and interest penalties, you hear the question a lot, “What is unclaimed property?” Is it abandoned cars/vehicles? Abandoned land or livestock? What is it? Well, it can be, but in this case it is unclaimed intangible property (with the exception of Safe Deposit Box contents). Considering the unclaimed property world, most unclaimed property involves the following types of intangible properties (but these are just examples and not all inclusive):

– EXAMPLES of UNCLAIMED PROPERTY –
– Unclaimed Vendor/AP checks
– Unclaimed payroll checks or direct deposits gone wrong
– Customer overpayments
– Unapplied cash accounts
– Aged Accounts Receivable credit balances
– Most Refunds due
– Unredeemed gift card/certificate balances
– Unclaimed bank accounts (checking, savings, retirement, CD’s)
– Life insurance proceeds due
– Uncashed benefit checks
– Utility deposits
– Lost shareholders or uncashed dividend checks
– Safe deposit box contents

Again, the above list are just examples of unclaimed intangible property and not meant to be all inclusive. Most companies/Holders are going to want to a look at their Accounts Payable, Payroll and Accounts Receivable areas, depending on the type of holder they are (corporation, bank or financial institution, life or non-life insurance company, etc.)

To talk further about all the unclaimed property reporting requirements and what your obligations are, and how to navigate through them, please contact the professionals at PEACC for a no obligation consultation at 410.303.5510.

D. Patrick (“Pat”) Healy

Delaware Unclaimed Property (VDA) Notices

The ABC’s of Unclaimed Property

Unclaimed Property (UP) In-house Program

WHAT IS UNCLAIMED PROPERTY?

Your Total Source for Unclaimed Property Compliance